Is it too risky to pull from my savings to pay some of my debts? I have both student loans and a credit card. How do I figure out which is worse?

Asked by Sally

2 Answers

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Answered by rsmith8881
Always focus on paying off the highest interest rate debts first. I paid off my credit card debts first and I am only now looking at paying my student loans. | 12.11.10 @ 00:02
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$commenter.renderDisplayableName() — {comment} | 08.20.17 @ 06:04
Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
i generally agree with rsmith above.

you need to review your debts in terms of % cost and the monthly minimum payments.

if you have determined that you will still have adequate cash for emergencies after paying off your debt, there is no harm in doing so.

with a good credit file you can always borrow back if you need to.
| 01.04.11 @ 19:35
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$commenter.renderDisplayableName() — {comment} | 08.20.17 @ 06:04
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